Real estate in the East of Hanoi has many prospects for breakthrough in the future when the central and western areas are increasingly scarce in supply, along with the gradual completion of synchronous infrastructure in an optimistic macroeconomic picture, contributing to creating a foundation for the market to develop sustainably…
The East of Hanoi is becoming a bright spot in the context of the real estate market entering a new growth cycle in 2024-2025 when supply and liquidity rates both improve positively. According to CBRE’s second quarter report, this unit forecasts that new supply in Hanoi in 2024 will double last year, but there will also be a shift from central districts to the East of the city. While land funds in the center and the West are increasingly scarce, the trend of shifting to the East is becoming more and more evident.

CBRE believes that the positive results of the Eastern region as well as Hanoi are thanks to the optimistic signals of the macro economy when GDP increases again (reaching 6.42% in 6 months), FDI and exports are positive, interest rates remain low, supply begins to improve, especially the opening from the 2024 Land Law.

LEVERAGE FROM THE NORTHEAST ECONOMIC AXIS

In the planning of the capital city until 2030 and vision to 2050, the East of Hanoi plays a central role. This area will be the connecting center of the Northern key economic region with 3 cores: Hanoi, Hai Phong, Quang Ninh. In particular, Hai Phong and Quang Ninh are always among the top localities in the country in terms of economic growth rate as well as GDP contribution to the whole country.

Notably, from the beginning of 2024, Vietnam will still be one of the leading countries in attracting FDI. According to Cushman & Wakefield, about 70 billion USD of available capital is waiting to be poured into projects while investors are looking for the optimal time to continue investing in Asia Pacific. In particular, the Northern economic growth triangle of Vietnam attracts a large amount of investment capital. In the first 7 months of the year, Hanoi attracted 1.3 billion USD of FDI, Hai Phong also reached more than 1,373 million USD and Quang Ninh reached 1.55 billion USD in just half a year.

Experts say that the development of the “golden triangle” not only contributes to overall economic growth but also promotes real estate development, especially in the eastern part of Hanoi – the gateway connecting the capital with other regions.

FDI capital flows into the Northeastern economic “golden triangle” region contribute to promoting real estate development in the East of Hanoi.
A SERIES OF LAWS REMOVE LEGAL BARRIERS

The real estate market in the East of Hanoi has a huge advantage thanks to its unique inter-regional connectivity, strong population growth rate, and attraction of an international community. Experts believe that this area will continue to develop when real estate law is stable. In fact, laws such as the 2024 Land Law, the 2023 Real Estate Business Law, the 2023 Housing Law, and the 2024 Credit Institutions Law, which have just officially come into effect, have also contributed to attracting investors to real estate in the East.

Notably, according to the revised law, overseas Vietnamese who still have citizenship will be allowed to buy and own houses like Vietnamese people in the country. The new Housing Law and Land Law also have a mechanism to serve as a basis for granting certificates of ownership of individual houses to foreigners who buy houses. Accordingly, foreigners will be allowed to own houses for a period of 50 years and can have their house ownership period extended once, up to a maximum of 50 years.

With strong growth rate and potential for future value increase, the East of Hanoi is becoming a new destination for investment capital from overseas Vietnamese. Because this place has the most modern real estate models and products in the North, attracting international residents – foreign experts to settle down.

LUXURY REAL ESTATE MEETS THE NEEDS OF THE INTERNATIONAL COMMUNITY

The Eastern area of ​​Hanoi has great potential for real estate development but still lacks projects that meet the needs of the international community. Currently, the number of completed and handed over apartments in Hanoi in the past 1-2 years has only reached about 15,000 – 20,000 units, not really abundant compared to the period of 2019-2020. According to Savills, the number of apartments sold in 6 months reached more than 5,085 units, but class B accounted for 96%, class A apartments were still small.

Notably, Ocean City, including Ocean Park 1, 2, 3, is a metropolis with internal infrastructure and development planning, with a closed and completed utility system, suitable for developing projects to meet the needs of real estate and investment. In particular, at Ocean Park 2, a complete utility system of a complex city with 3 urban – entertainment – resort models has been formed, lacking only international standard high-rise projects to meet the high-class living needs of the international community, supporting the new supply for the East.

Previously, in the Northern market, international real estate developer Masterise Homes successfully created an international community in the West of the city with the Masteri West Heights project in the high-end segment and made an explosive mark with the LUMIÈRE Evergreen project in the luxury segment thanks to its aesthetic space design, invested methodically according to international standards.

The Aqua building of the LUMIERE Evergreen project at Smart City has just been launched, creating a boost for the high-end real estate market in the West.
The Aqua building of the LUMIÈRE Evergreen project at Smart City has just been launched, creating a boost for the high-end real estate market in the West.
The appearance of the luxury segment of the LUMIÈRE brand in Ocean Park 2 is highly anticipated by customers, promising to bring the Eastern market to a new level with unprecedented product lines. The high-rise project of the LUMIÈRE series not only meets the supply and shapes new living standards, but also supports the long-term development of real estate in the Eastern region. khu Đông.